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Investing.com - Goldman Sachs has upgraded Globalwafers Co Ltd. (6488:TT) from Neutral to Buy and raised its price target to NT$600.00 from NT$380.00.
The upgrade is based on three key factors, including the bottoming of the memory sector. Globalwafers generates approximately 30-40% of its revenue from memory customers, and Goldman Sachs believes improving cycle dynamics will support higher utilization rates and better pricing into 2026.
Goldman Sachs also cited Globalwafers’ penetration into advanced nodes through its U.S. expansion. The company is the only player recently expanding new 300mm wafer capacity in the United States, positioning it to directly benefit from U.S. fab investments by leading edge foundries and integrated device manufacturers prioritizing domestic sourcing.
The investment bank expects to see increased U.S. revenue contribution ramping up in the second half of 2025 through the first half of 2026.
Goldman Sachs further noted Globalwafers’ pivot toward high-value specialty wafers, including silicon carbide and gallium nitride, which are margin-accretive and have technical barriers to entry versus competitors, potentially driving long-term growth and margin expansion.
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